July 1, 1985

Social/Economic/Political

Occupied Palestine/Israel: Israeli government announces economic austerity program: 18.8 percent devaluation of shekel, 24 percent price increases in governments-subsidized products, dismissal of 9,000 government employees, government spending cut of $750 million, and three-month wage and price freeze [NYT 7/2, LAT 7/17]. Government predicts incomes will be reduced 30 percent. Riots follow the announcement [LAT 7/17]. Israeli authorities prevent Bank of Palestine in Gaza from selling 100,000 new shares in Gaza, Ramallah, and Nablus [FJ 7/5].